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REGISTERED NUMBER: 06642390 (England and Wales)















Financial Statements for the Year Ended 30 June 2023

for

Food Source (NW) Limited

Food Source (NW) Limited (Registered number: 06642390)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Food Source (NW) Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: D Macdonald





REGISTERED OFFICE: 116 Duke Street
Liverpool
L1 5JW





REGISTERED NUMBER: 06642390 (England and Wales)





ACCOUNTANTS: Cobham Murphy
116 Duke Street
Liverpool
Merseyside
L1 5JW

Food Source (NW) Limited (Registered number: 06642390)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,504 52,981

CURRENT ASSETS
Stocks 31,049 36,868
Debtors 5 39,651 37,884
Cash at bank 510 -
71,210 74,752
CREDITORS
Amounts falling due within one year 6 56,560 58,911
NET CURRENT ASSETS 14,650 15,841
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,154

68,822

CREDITORS
Amounts falling due after more than one
year

7

(19,823

)

(56,649

)

PROVISIONS FOR LIABILITIES (2,756 ) (10,066 )
NET ASSETS 6,575 2,107

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 6,475 2,007
SHAREHOLDERS' FUNDS 6,575 2,107

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Food Source (NW) Limited (Registered number: 06642390)

Balance Sheet - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 February 2024 and were signed by:





D Macdonald - Director


Food Source (NW) Limited (Registered number: 06642390)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Food Source (NW) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received for the sale of meat products exclusive of value added tax. Turnover is recognised at the point of sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Directors loans, trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Food Source (NW) Limited (Registered number: 06642390)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 98,079
Additions 576
Disposals (43,402 )
At 30 June 2023 55,253
DEPRECIATION
At 1 July 2022 45,098
Charge for year 6,501
Eliminated on disposal (10,850 )
At 30 June 2023 40,749
NET BOOK VALUE
At 30 June 2023 14,504
At 30 June 2022 52,981

Food Source (NW) Limited (Registered number: 06642390)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 July 2022 43,402
Disposals (43,402 )
At 30 June 2023 -
DEPRECIATION
At 1 July 2022 10,850
Eliminated on disposal (10,850 )
At 30 June 2023 -
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 32,552

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 24,304 19,162
Other debtors 15,347 18,722
39,651 37,884

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 12,428 27,386
Hire purchase contracts - 14,452
Trade creditors 12,136 8,992
Taxation and social security 29,496 5,581
Other creditors 2,500 2,500
56,560 58,911

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans 19,823 31,358
Hire purchase contracts - 25,291
19,823 56,649

Food Source (NW) Limited (Registered number: 06642390)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Bank overdrafts 2,428 19,053
Hire purchase contracts - 39,743
2,428 58,796

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

D Macdonald, a director, operates a current account with the company to which transactions of a private nature are charged. Included in other debtors as at 30th June 2023 is £15,348 (2022 £17,466) owing to the company. Interest was charged on this balance at a rate of 2%.